What are Commercial Mortgages?
The commercial mortgage is suitable for businesses and investors who want to start their activity in commercial properties. Most noteworthy, to acquire, refinance, or redevelop commercial property. Due to this, you can also expect rates to be significantly higher than residential rates due to the increased risk.
Types of Commercial Mortgages:
- High-rise & mid-rise condominiums.
- Freehold properties (single family home developments, townhouses etc.)
- Apartments/condominiums to be built for rental purposes.
- Retirement & Nursing home developments.
- Mixed use property development, where the residential component represents at least 80% of the overall project.
- Student housing developments.
In addition, there are also a number of other properties that fall under a commercial mortgage. You would likely consider a commercial mortgage if you are looking to finance an office, retail or industrial property.
There are various interest rate types are available for financing commercial mortgages, these types are:
- Variable interest rates allow you to have repayment flexibility. Therefore, pay off your principal balance whenever you want without any pre-payment penalty.
- A fixed interest rate includes a non-changeable interest rate over the duration of your mortgage term. As a result, allows you to have of predictable payments.
Sunlite Commercial Mortgage program is made to meet the needs of the borrower. As a result offers competitive mortgage options for both variable and fixed rates.
CMHC Insured Mortgages:
Sunlite Mortgage Commercial Professionals are experts at securing mortgage financing direct from CMHC. In addition, these insured financing offer considerable savings to the borrower that often offers a much lower overall cost to borrowing.
Sunlite Mortgage has arranged construction financing for some of the largest projects in the marketplace. Therefore, our expertise in construction financing extends to both conventional loans and those insured by CMHC.
Contact our commercial mortgage professionals to help you get started!
Our Sunlite Mortgage agents will walk you through the choices available and help you identify the most suitable mortgage products to your current situation. All while looking at your short-long term goals. Call a Sunlite Mortgage agent today at 1.877.38LOANS and we will be happy to help you with a mortgage.